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Midday Stock Market Highlights: Key Performers and Financial Results
Rising Stocks
- Meta Platforms: Shares surged approximately 4% following favorable earnings that surpassed analyst expectations. The company expressed confidence in its advertising strategy and increased its capital expenditure forecast for data center developments.
- Wayfair: The online retailer’s stock increased nearly 2% after posting earnings that exceeded Wall Street predictions. It reported an adjusted profit of 10 cents per share, whereas analysts expected a loss.
- Align Technology: This dental products firm saw a rise of over 2% as it reported adjusted earnings of $2.13 per share, beating the estimated $1.99.
- Tesla: The automotive giant’s stock appreciated by nearly 1% after dismissing rumors of CEO Elon Musk’s replacement.
- Microsoft: Shares climbed 8% after the company exceeded expectations on earnings and revenue, providing an optimistic outlook for the fiscal year.
- CVS Health: The pharmacy sector saw a nearly 6% uptick in stock value as CVS reported better-than-expected earnings for the quarter.
- Amazon: Shares rose close to 3% following the announcement of a $4 billion investment aimed at expanding delivery networks in rural areas.
- Quanta Services: The construction and engineering company’s stock surged around 11%, driven by strong first-quarter financial performance.
- Carrier Global: Shares jumped 11% after the company raised its full-year earnings forecast.
Declining Stocks
- Qualcomm: Despite strong fiscal second-quarter earnings, shares fell nearly 8% due to a revenue forecast that slightly missed analyst expectations.
- Eli Lilly: The pharmaceutical company’s stock decreased by 10% after reducing its full-year profit outlook due to associated costs from a cancer treatment deal.
- Organon & Co.: The stock plummeted by 26% after the company announced a significant reduction in its quarterly dividend, aiming for a stronger capital structure.
- Becton, Dickinson and Company: Despite surpassing earnings estimates, shares declined by approximately 15% following a lowered earnings outlook for the year.